Silver & Oil Rally Following Dollar’s Drop

Silver and crude oil rallied today as confusing macroeconomic data from the United States sent the US currency lower, helping dollar-priced commodities. On one hand, the Automatic Data Processing employment report showed an increase by 175,000 in January, which was noticeably below the expected value of 197,000. On the other hand, initial jobless claims fell from 351,000 to 331,000 last week, dropping more than was expected.

Commodities also rallied as major central banks did not shock traders today by their monetary policy announcements. Both the European Central Bank and the Bank of England kept monetary policies unchanged, matching analysts’ expectations.

March futures for delivery of silver were up $0.12 (0.61 percent) to $19.93 per troy ounce as of 19:00 GMT on COMEX today. Contract for WTI crude oil advanced $0.14 (0.14 percent) to $97.52 per barrel on NYMEX. Brent crude added $0.67 (0.63 percent) to $106.92 on ICE.
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